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IntraFish Newsletter ... Norwegian brothers eye Saudi desert for new land-based salmon farm
Peter Burgess
IntraFish Newsletter
Norwegian brothers eye Saudi desert for new land-based salmon farm
The company originally had its eye on Dubai, but switched plans after the Saudi government endorsed the idea.
Week's must read seafood news: Shrimp tech, feed slowdown, and big investment news
It was another busy week in seafood news. Get your weekly round-up here. LATEST NEWS
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Is Saudi Arabia land-based salmon farming's new frontier? ... The company originally had its eye on Dubai, but switched plans after the Saudi government endorsed the idea. https://www.intrafish.com/aquaculture/1851256/is-saudi-arabia-land-based-salmon-farmings-new-frontier by Demi Korban ... September 23rd, 2019 04:17 GMT Updated September 30th, 2019 12:23 GMT Three years after moving to the United Arab Emirates to set up a salmon import and distribution network, Norwegian-owned Vikings Label shifted course to take advantage of investor potential in neighboring Saudi Arabia. The company plans to build a land-based facility to produce 5,000 metric tons of salmon within the next 18 months to initially serve the lucrative Saudi market, with plans to export within the region in the near future. 'I moved here for several reasons but mostly because it is a region of incredible progress, business-minded people, and the weather of course,' CEO Lukas Havn told IntraFish. Currently, the Middle East is void of land-based salmon farms, but there is increasing investor appetite in the region for more sustainable projects, said Havn. 'We originally started work on the project in Dubai, but then gained interest from Saudi Arabia where the investors are more promising,' Havn said. 'It's a really fast-growing salmon market with the eating habits changing towards to more healthier diets.' Saudi authorities have ambitions to double fish consumption per capita in the country to 13 kilos by the end of 2020 and 22 kilos by 2030. Who's on board? Vikings Label is owned by Norwegian father and son, CEO Lukas and CFO Tore. Along with Middle Eastern Investment Advisory Bridge Partners Managing Partner Graham David Bell, who handles company's finances, and the CEO of an automotive business, they are currently the only investors. They are actively seeking capital for the $90 million (€81 million) Saudi Arabian salmon farm. 'We want the majority of our investors to be either strategic, contributors or individuals who share our visions for this,' Havn said.
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Norwegian-owned firm seeks capital for $90 million Saudi Arabian salmon farm All eyes are on aquaculture opportunities rising from the Middle East. https://www.intrafish.com/aquaculture/1849871/norwegian-owned-firm-seeks-capital-for-usd-90-million-saudi-arabian-salmon-farm by IntraFish Media ... September 12th, 2019 12:26 GMT Updated September 12th, 2019 12:37 GMT UAE-based salmon farmer Vikings Label is planning to build Saudi Arabia's first salmon farm, Bloomberg reported. This comes after Saudi authorities shared ambitions to double fish consumption per capita in the country to 13 kilos by the end of 2020 and 22 kilos by 2030. The facility will cost around $90 million (€81 million) and will have the capacity to supply the market with 5,000 metric tons of fish annually by 2023. Vikings Label, which is majority owned by Norwegian investors, is in talks to draw capital from investors, Saudi banks and the Saudi Industrial Development fund to cover $25 million needed (€22.6 million) to launch the project, CEO Lukas Havn said. At the moment, Hani al-Salah, CEO of Saudi transport services firm Arabian Hala, is the only investor pledging funds to the project. Vikings Label aims to start constructing fish tanks and other aquaculture facilities in Jeddah by the first quarter of 2020, the CEO said. The idea is to build a farm that can expand to produce up to 10,000 metric tons in order to export production beyond the oil-exporting country.
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